NORTHWESTERN MEMORIAL HOSPITAL

LOCATION

Chicago | Streeterville

TYPE

Strategic Planning; Advisory/Consulting; Project Management; Leased and Owned Property Acquisition; Brokerage

SIZE

Floors

SF

Business Issue

  • Northwestern Memorial Hospital (“NMH”) retained the Strategic Advisory Group of The John Buck Company (“JBC”) to assist in developing a strategic real estate plan to accommodate Hospital growth, “reposition” assets and plan for dynamic business changes.
  • NMH needed additional clinical and patient treatment space within their owned properties. JBC was asked to develop a project plan that would result in the relocation and consolidation of multiple business units and medical practices across the NMH “portfolio”.
  • JBC was asked to analyze and identify “strategic” properties for acquisition (through purchase or lease) in the Streeterville area, downtown Chicago. JBC was asked to develop multi-year “hold” strategies for acquisition.

Process

  • JBC coordinated a project team to identify space, timing, construction, budget needs related to over 400,000 square feet of NMH relocation needs.
  • JBC completed extensive surveys of real estate acquisition possibilities across the downtown Chicago area. These surveys included properties for lease, purchase or land for development. JBC developed interim “hold” strategies for these properties.
  • JBC acted as project manager assisting internal NMH staff to develop project schedules related to multiple relocations and construction / renovation plans related to over 200,000 square feet of construction in NMH-owned property.
  • Performed “audit” on NMH internal real estate process and provided a full set of “best practices” recommendations for NMH to move efficiently manage real estate.

Result

  • Acquired 155,000 square foot lease at very favorable terms with options for growth, to purchase, building identification, input on lobby / retail re-design. JBC also acted as Project Manager.
  • Acquired 11 acre land site in the Chicago suburbs.
  • Acquired 175,000 square foot building through purchase in close proximity to NMH’s Streeterville campus.